"Florida Bitcoin Reserve Bills Withdrawn: State Crypto Investment Updates"

Florida Withdraws Bitcoin Reserve Bills from Legislative Process

Two Florida crypto bills that aimed to establish a strategic Bitcoin reserve for the state have been removed from the legislative process. The Florida Senate announced on May 3 that House Bill 487 and Senate Bill 550 have been "indefinitely postponed and withdrawn from consideration."

The legislative session in Florida concluded on May 2 without the passage of these bills, as lawmakers agreed to extend the session until June 6 to address budget plans. Around 230 bills were passed during the session, but the establishment of a crypto reserve for the state was not among them.

House Bill 487, introduced in February, would have allowed Florida's chief financial officer and the State Board of Administration to invest up to 10% of certain state funds into Bitcoin (BTC). Similarly, Senate Bill 550, also filed in February, aimed to enable investments of public funds in Bitcoin.

Florida Drops Out of State-Level Crypto Investment Race

Florida's decision to remove the Bitcoin reserve bills from consideration means that the state has dropped out of the race with other states such as Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma. These states have all seen similar Bitcoin bills fail to pass House or Senate votes.

Arizona Faces Setback in Bitcoin Reserve Legislation

Arizona, on the other hand, faced a setback in its strategic Bitcoin reserve legislation when Governor Katie Hobbs vetoed House Bill 1025 on May 3. The Digital Assets Strategic Reserve bill would have allowed Arizona to invest seized funds into Bitcoin and create a reserve managed by state officials.

The veto drew criticism from crypto advocates and Bitcoiners, with entrepreneur Anthony Pompliano expressing disbelief in politicians making investment decisions. Despite this setback, Arizona still has two more opportunities to be the first state to establish a Bitcoin reserve.

Satoshi Action Fund founder Dennis Porter highlighted that House Bill 2749 offers a budget-neutral method to fund the reserve using profits from the unclaimed property fund. Additionally, Senate Bill 1373, which would authorize the state treasurer to allocate up to 10% of Arizona state funds into digital assets, is still pending final approval.